(Kitco News) - Mastercard, the world’s second-largest payment-processing firm, continues to push for the development and integration of blockchain technology with the addition of seven new blockchain startups to its fintech accelerator, the Mastercard Start Path program.
According to a press release sent to Kitco Crypto, the new cohort of startups includes Singapore’s crypto payments platform Digital Treasures Center, Abu Dhabi’s crypto gateway provider Fasset, the Colombian stablecoin-focused firm Stable, and Dubai’s blockchain-based media fintech company TBTM (Take Back the Mic) Studios.
Several U.S.-based projects were also added to the roster, including the Web3-focused social payments system provider Loot Bolt, the privacy startup Quadrata, and the brand-oriented platform Uptop.
“We’re welcoming a new cohort of startups to ease access to digital assets, build communities for creators and empower people to innovate for the future through Web3 technologies,” Mastercard said in its announcement. “The newest Start Path cohort will engage in growth-essential opportunities including technology collaboration, mentorship, access to channels and customers, and the opportunity to accelerate their digital asset innovations and expand into new markets.”
Mastercard Start Path – which was originally launched in 2014 – is a six-month accelerator program designed to assist startups with the expansion and commercialization of their products and services. Over 350 companies from 40 countries have participated in the program since its inception.
Previous graduates of the program that have gone on to be successful in the real world include the banking provider Thought Machine, the Indian fintech startup Zeta and Razorpay.
The firm added a dedicated crypto wing – Start Path Crypto – to the program in 2021 and has been active in recruiting promising projects since that time. The cryptocurrency accelerator program was established to support seed, Series A and Series B startups involved in crypto and blockchain development, offering a three-month support program.
|
| Mastercard launches ‘Crypto Secure' to help combat crypto fraud |
With this latest cohort, a total of 25 crypto-related startups have participated in the program, including the crypto storage firm GK8, digital wallet provider Uphold and Emin Gün Sirer, CEO and founder of blockchain developer Ava Labs.
“Fintechs play a major role in digital transformation by bringing fresh ideas, customization and greater choice for consumers and businesses,” the payment firm said. “From our experience innovating payments and building a global network, we believe it’s more likely that we’ll see a hybrid economy that combines the benefits of Web3 technology with existing financial infrastructure.”
Mastercard has been increasing its involvement with blockchain technology throughout 2022. Most recently, the firm unveiled its new Crypto Source program that will enable financial institutions to begin offering secure crypto trading services to their customers.
